LEIGH SALES, PRESENTER: Australia's media moguls have come together to label the Government's planned shake-up of their industry intrusive, unnecessary and dangerous. Some are claiming it could mean the death of newspapers. The Communications Minister Stephen Conroy wants his legislation passed by Thursday, but he still hasn't secured the crucial support of the independents. Shortly I'll speak to Rob Oakeshott to find out which way he's going to vote, but first, here's political editor Chris Uhlmann.

CHRIS UHLMANN, REPORTER: The princes of print and screen barons gathered in Parliament today to appear before duelling committee hearings.

HAMISH MCLENNAN, CEO, NETWORK TEN: The thrust of the debate is around media diversity. You're gonna see more concentration.

CHRIS UHLMANN: In question, the Government's proposed changes to media laws, with the clock ticking down on a one-week deadline.

GREG HYWOOD, CEO, FAIRFAX MEDIA: We see no value at all and serious risk in pushing these bills to a vote in such a rush.

CHRIS UHLMANN: One committee was poring over how big a network can get. At the moment the rules set strict limits.

NERIDA O'LOUGHLIN, DEP. SEC., BROADCASTING & DIGITAL SWITCHOVER: A person must not in a position to exercise control of commercial television broadcasting licenses whose combined license area populations exceed 75 per cent of the population of Australia.

CHRIS UHLMANN: The other committee focused on the plan to set up a Government-appointed media monitor to oversee industry regulation.

GREG HYWOOD: The issue of deep principle is that regulation of the media should be the last resort of any democratic government.

CHRIS UHLMANN: The broadcast committee saw the media divided by commercial interest. Right now Channel Nine wants to take over the regional network Southern Cross Austereo.

BARNABY JOYCE, NATIONALS SENATE LEADER: Would it assist you in selling Austereo to another company if we got rid of the 75 per cent reach rule?

RHYS HOLLERAN, CEO, SOUTHERN CROSS AUSTEREO: Well, at the moment the rules effectively prohibit our regional television business being associated with the metropolitan business because we would be over the 75 per cent reach limit.

CHRIS UHLMANN: The committee's main concern was that mergers would see a loss of local content, particularly news. The head of Nine disputes that.

DAVID GYNGELL, CEO, NINE ENTERTAINMENT: Are we prepared to invest in local content and are our shareholders prepared to invest in local content? Then the answer is yes.

CHRIS UHLMANN: Rival networks lined up against Nine. Seven's Kerry Stokes pointed out that Nine is owned by hedge funds and that Southern Cross is owned by Macquarie Bank.

KERRY STOKES, CHAIRMAN, SEVEN NETWORK: It's back to what I consider the worst days of television. We have two unknown New York hedge funds who intend to merge with a well-known Australian bank in Macquarie. And I can tell you from 40 years' experience in this industry, I've never seen bankers come together for the benefit of the community.

CHRIS UHLMANN: David Gyngell tabled a document which said that Nine was prepared to offer a binding undertaking on local news coverage should the merger with Southern Cross proceed.

BARNABY JOYCE: I want to know where in this document it actually says that.

DAVID GYNGELL: We can provide that for you as well.

BARNABY JOYCE: But it's not in here, is it?

DAVID GYNGELL: No, no, but we want - that's the first cut of a document you'd have a long discussion with yourselves and ACMA about more detail.

BARNABY JOYCE: So why were you so bullish about saying you'd maintain regional offices and then you table a document that says you wouldn't?

DAVID GYNGELL: I didn't say I wouldn't. It's just not in there.

CHRIS UHLMANN: TEN also objected to the talk by a merger by its rival.

HAMISH MCLENNAN: But I think the bigger issue here is around diversity. And overnight, within a week, a week or two, a short period of time, you're gonna see a concentration.

CHRIS UHLMANN: But over in the Senate, the commercial media presented a united front against the imposition of a government-appointed public interest media advocate to oversee the press.

KIM WILLIAMS, CEO, NEWS LIMITED: Who will have wide powers and discretion given key terms in the bills are wholly undefined, who will not have to follow long-established law or principle in relation to the onus of proof, who can seemingly make decisions retrospective and whose decisions cannot be appealed. This is a modern-day Star Chamber. No more, no less.

GREG HYWOOD: We believe that the introduction of a government-appointed regulator to oversee print and digital news gathering journalism will have seriously dangerous consequences for good government. For the first time in Australian history outside wartime, there will be political oversight over the conduct of journalism in this country.

CHRIS UHLMANN: Kerry Stokes, who counts the West Australian newspaper among his possessions, also joined the attack.

KERRY STOKES: I'm trying for the life of me to understand what we could possibly have done to warrant such intrusive laws that are now being proposed.

CHRIS UHLMANN: The big stick in the government-appointed advocate's armoury would be the power to revoke a media company's exemption from privacy law.

KIM WILLIAMS: The exemption allows journalists to identify people and without it they could not do their jobs. For example, if we had a story about a minister's secret investments, then without the exemption we would need to tell them what we had and get their consent for publication.

CHRIS UHLMANN: The Labor chair of the Senate committee, Doug Cameron, repeatedly clashed with the head of News Limited.

DOUG CAMERON, LABOR COMMITTEE CHAIR: Firstly, let me say, Mr Williams, I find it absolutely breathtaking to be lectured by the Murdoch press about the privacy laws. I really do. I think the hypocrisy is huge in coming here and lecturing the Senate.

KIM WILLIAMS: I didn't come here to have a chemically difficult discussion. I came here to assist the committee to actually look at the legislation.

CHRIS UHLMANN: The Government has said it will not barter on these bills, but they will fail without it and bartering is underway. The Prime Minister tried to negotiate a truce with Fairfax boss Greg Hywood yesterday and today left the door open for changes.

JULIA GILLARD, PRIME MINISTER: Our intention remains to pursue the legislation that is before the Parliament now. If there are sensible suggestions consistent with our reform intentions that come out of the parliamentary committee process, then certainly we will listen to those, but we're not in the business of cross-trading or horse-trading on these bills.

CHRIS UHLMANN: Should these bills pass, News Limited is threatening a High Court challenge, but that's the least of the Government's worries. The Prime Minister's immediate concern is that her already skittish caucus is openly wondering why she and her Communications minister would start a brawl with just about every media company in the nation months out from an election. Both are being criticised for a lack of judgment again.

TONY ABBOTT, OPPOSITION LEADER: Is it any wonder that this prime minister support in the caucus is ebbing away day by day, hour by hour?

CHRIS UHLMANN: The Prime Minister has three more sitting days this session to pass these bills or shelve them and to keep a majority of Labor's backbench inside her tent. These are tense days for everyone.

JULIA GILLARD: The Parliament is yet to have a debate on these various pieces of legislation and the Government obviously in that debate will be putting forward what is in the public interest in our nation.